This author rationalizes foolish behavior and seems to think "everybody does it":
"We're wired to avoid pain and pursue pleasure and security. It feels right to sell when everyone around us is scared and buy when everyone feels great. It may feel right-but it's not rational." -Carl Richards
His own words summarize the situation nicely:
"I felt we could afford around $350,000. ... We ended up buying the house and paid the asking price of $575,000. ... I should have known better." -Carl Richards
I fail to see how this is anything but a tale of short-sighted selfishness.
For further insight on this author and his story, see the MSNBC piece at: http://www.msnbc.msn.com/id/45221933/
No, I'll not be buying this fool's book. Spent money like a drunken sailor, bought a house he couldn't afford, then took out a SECOND mortgage, and left US, the taxpayer's holding the bag. Claims to be a "financial pro", and is trying to hawk a book on us. STAY AWAY from this guy.
I'm not a "financial pro" like the author, yet I managed to not overbuy or overextend myself during the heady days of heavily-inflated housing prices. I always did 20% down on a home I could afford. That home's now paid for. How'd that go for YOU, Mr. Richards? Thanks, but I'll take financial advice from myself, not from some guy who acted irrationally and left people like myself holding the bag.